Gold and silver prices fell sharply on Tuesday as hopes of de-escalation in the West Asia conflict reduced safe-haven demand. On MCX, April gold futures dropped up to ₹2,576 (2%) to ₹1,36,684 per 10 grams before recovering to ₹1,37,100, down 1.5%. May silver futures plunged 4.73% or ₹10,667 to ₹2,14,500 per kg.
Globally, COMEX gold slipped 1.6% to $4,368.76 after touching $4,340, while COMEX silver fell 4% to $66.56. The decline followed the US President’s announcement of a five-day pause on potential strikes against Iran’s energy infrastructure, though Iran denied any negotiations.
Analysts noted COMEX gold is trading between $4,300–$4,380, with resistance at $4,470–$4,500 and support at $4,250. MCX gold remains above ₹1,36,000, with resistance at ₹1,39,000–₹1,40,000 and risk of losses below ₹1,34,000. COMEX silver faces resistance at $68–$70, with downside risks toward $64–$61, while MCX silver trades in the ₹2,15,000–₹2,20,000 range under bearish pressure.